Heat the olive oil in a large pot over medium-high heat. Add the ground turkey, salt, and a few grinds of pepper; cook, breaking the meat into small crumbles, until no longer pink, about 5 minutes. Add the onion and bell pepper and cook 3 to 4 minutes until softened. Stir in the garlic and cook 30 seconds.

Add the chili powder, cumin, smoked paprika, oregano, and cayenne (if using). Cook, stirring constantly, for 1 minute until the spices darken slightly and smell toasty.

Pour in the crushed tomatoes, chicken broth, and drained beans. Stir to combine, scraping up any browned bits from the bottom, and bring to a boil.

Reduce the heat to medium-low, partially cover the pot, and simmer for 15 to 20 minutes, stirring occasionally, until the chili thickens. Taste and adjust salt and pepper.

Ladle into bowls and top with sour cream, cheese, cilantro, lime, and tortilla chips if you like. Serve hot.